Commentary and Research Papers
February 11, 2026
2026
U.S. equities delivered a generally positive start to 2026, with major indexes ending January modestly higher. Stock prices were supported by strong economic data enhanced by fiscal stimulus, expectations for modest monetary policy easing from the Federal Reserve, and inflation readings that continued to trend favorably. The boom in artificial intelligence (AI) spending continues, although concerns rose late in the month regarding OpenAI’s massive spending plans, which rely upon external sources of financing that may not be fully secured.
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February 10, 2026
2026
January saw a broadening of performance for the Pinnacle Small Capitalization Value portfolio. We used the strength in AI-related stocks this month to reduce our exposure, both direct and indirect, to the space. We believe a lot of good news and expectations are being priced into these stocks, and we do not want to be overexposed to one (very popular) part of the economy.
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January 21, 2026
2026
For much of the past decade, large-capitalization stocks, particularly the Magnificent Seven mega-cap technology companies, have dominated investment returns. Yet as market dynamics evolve and secular growth trends accelerate across multiple industries, small-capitalization companies may increasingly gain investor attention. For sophisticated investors seeking meaningful, long-term out performance, active management of small to mid-sized companies by a manager with a proven track record across multiple market cycles remains one of the most effective paths to superior returns.
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January 13, 2026
2026
2025 was a miserable year for most active managers; it turns out many of them were not actually straying very far from the most popular stocks. Our strategy is to look for unique (as much as is possible), mispriced stocks/companies that generate attractive returns and have solid balance sheets with experienced management teams. We also want the potential to grow. We believe this approach will probably be more important over the next few years than it has been over the recent past.
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January 13, 2026
2026
Economic conditions in the fourth quarter remained broadly constructive, even as growth moderated from the very strong 4.3% pace recorded in the third quarter. U.S. economic activity continued to expand, consumer spending remained resilient, and inflation pressures eased. Although job growth slowed from earlier periods, unemployment remained relatively low and weekly jobless claims were contained. The Federal Reserve cut rates for the third consecutive month in December, by 25 basis points, but signaled a more mixed outlook for future cuts.
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Founded in 1984, Pinnacle Associates, Ltd. is a forward thinking, multi-billion dollar investment advisory firm focused on transparency and putting clients first. We provide advice to individuals and families, institutional investors and other financial institutions.
